Following its established token management policies and in response to user feedback, OKX has announced the comprehensive delisting of WEMIX trading pairs and related services. This decision is part of the platform's ongoing effort to maintain a healthy trading environment and ensure high liquidity standards for all its supported assets. The delisting process involves multiple product areas, including spot trading, margin trading, perpetual swaps, and savings products.
This guide provides a detailed breakdown of the timeline and necessary steps users must take to manage their positions and avoid potential financial loss.
Detailed Delisting Timeline for WEMIX
The removal of WEMIX will be executed in a phased approach across different trading services. All times are coordinated in Universal Time (UTC).
Spot Trading Delisting
All WEMIX spot trading pairs will be removed. The specific timeline is as follows:
- Action: Cessation of spot trading and cancellation of all open orders.
- Time: December 8, 2022, at 13:00 (1:00 PM UTC).
Margin Trading and Flexible Loan Halt
Margin trading and borrowing for WEMIX will be suspended according to the following schedule:
- Cease Borrowing Feature: December 8, 2022, at 9:00 AM UTC.
- Full Delisting Time: December 8, 2022, at 10:00 AM UTC.
Open margin orders will be canceled automatically at the delisting time. The process to suspend each pair may take approximately one hour to complete. Users with outstanding borrowings or who are using WEMIX as collateral must repay their loans before the specified times to prevent an automatic forced repayment.
Additionally, margin adjustments for WEMIX/USDT isolated positions have already been stopped. Users are strongly advised to close these positions promptly to avoid automatic liquidation.
Important Note: The market for WEMIX may experience significant price volatility leading up to the delisting. To mitigate risk, it is highly recommended that users cease trading these pairs and close all related positions well in advance.
Perpetual Contracts Removal
The WEMIXUSDT perpetual swap contract will be delisted to prevent issues related to its token migration.
- Action: Delisting of perpetual swaps and cancellation of related orders.
- Time: December 8, 2022, at 9:00 AM UTC.
At the point of delisting, OKX will settle all open WEMIXUSDT perpetual swap positions. The settlement will use the arithmetic average price of the corresponding OKX index from the hour preceding the delisting (8:00 AM to 9:00 AM UTC). OKX reserves the right to adjust the final delivery price to a reasonable level if index price abnormalities are observed during this calculation window.
Due to the potential for extreme market fluctuations, users should employ robust risk management strategies, such as lowering leverage or preemptively closing positions.
Post-Delisting Account Restrictions
For risk management purposes, users holding WEMIX/USDT perpetual contract positions valued over $10,000 at the time of delivery will have assets in their Trading Account temporarily restricted from being transferred out. This restriction will be lifted 30 minutes after the delisting is complete.
All historical orders and transaction records will remain available for query after delisting. Users wishing to back up their data should download it promptly via the "Report Center" on the OKX website.
Adjustments to Contract Parameters
To ensure a smooth delivery process, OKX adjusted the risk control parameters for the WEMIXUSDT perpetual contract in the hours leading up to delisting. This included modifications to price limit rules and discount rates to better reflect the anticipated market conditions and protect users from excessive volatility. For a deeper understanding of how such parameters work in dynamic markets, you can 👉 explore more strategies on advanced risk management.
WEMIX Savings Product Closure
Following the halt of margin trading, the subscription feature for WEMIX Savings products was suspended. After the margin trading service was officially taken offline, the system automatically redeemed all users' WEMIX assets from their savings products and transferred them to their funding accounts.
Frequently Asked Questions
What does it mean when a token is delisted?
Delisting is the process of removing a cryptocurrency's trading pairs from an exchange. This means users can no longer buy, sell, or trade that asset on the platform. It often occurs due to factors like low liquidity, non-compliance with listing standards, or significant changes to the project itself.
What should I do if I hold WEMIX on OKX?
You must close any active trading positions (spot, margin, or perpetual contracts) before the designated delisting times. For savings products, your assets were automatically redeemed and moved to your funding account, from where you can withdraw them or convert them to another cryptocurrency.
Why are there account restrictions after the perpetual contract delisting?
The temporary restriction on transferring assets out of the Trading Account for users with large positions is a standard risk control measure. It helps the exchange ensure a stable and orderly settlement process during a period of potential high volatility, protecting the broader user base.
Can I still access my transaction history after delisting?
Yes, all your historical orders and billing records for WEMIX will remain accessible in your account. You can view and download this data through the "Report Center" on the OKX website or app for your records.
How was the final delivery price for the perpetual contract determined?
The final price was based on the arithmetic average of the OKX WEMIX index price from 8:00 AM to 9:00 AM UTC on December 8, 2022. The exchange reserved the right to adjust this price to a fair market value if the index was deemed异常 during that hour.
Where can I find official announcements like this in the future?
All official announcements are posted on the OKX website's notice center and through its official social media channels. To stay informed on platform updates and market movements, consider checking 👉 view real-time updates and official communications.